Hi all and merry Christmas :) like everyone else said here, the fees are way to high. Kill the contract. I like to share my knowledge from cobot as we deal with a lot of gateways and in general its a blood sucking industry that is mostly way behind the internet age.
If you have a low monthly revenue (< 20k) just go with stripe, easy setup, no monthly fees, all int. cards included. As for Braintree, if you use them, keep in mind that you give your money to PayPal, because its the same company. For bigger revenue it starts to make sense to have a deal with a payment processor like authorize.net because you get lower percentage, around 2,1% per transaction but have to pay monthly fixed fees and for certain payment types. A way to save on fees is to get payed by Automated Clearing House (ACH) which uses direct debit and not credit cards. This is very common in europe because vendors don't like to pay credit card fees :) There is also some room for negotiations with payment processors like Adyen or Authorize.net if you are/have a able and patient person to deal with very slow and inflexible institutions. Fraud risk in coworking is very low because people have to be on site to use the service, which is a strong argument to ask for fee reductions. We really would have loved to offer discounted rates through cobot to all spaces that are using us but after months of talking we reached nothing. Really happy if somebody else can offer a angle here. @Jacob really love to here more about your plans. Cheers and merry Christmas On Tuesday, December 23, 2014 4:18:54 PM UTC+1, Jensen Yancey wrote: > > I don't know about everyone else, but since I've opened a coworking > office, one of the most mysterious and difficult-to-wrap-my-head-around > concepts has been why the hell am I getting charged so much for accepting > credit cards and where is it all going. In our scramble to get open in > time, we signed on with First Data, Wells Fargo recommended them so what > could go wrong? This month, we billed $1435 through first data, from that, > we were charged a $48.55 bankcard discount fee, a $23.87 Bankcard > interchange fee, and a 53.89 Bankcard Fee. First data is incredibly > unhelpful, but I've managed to figure out that the discount fee is just > what they charge us, the interchange fee is what the credit card charges > us, but what the hell is the Bankcard fee? Also, most beguilingly of all, > It's been slowly going down while our other two fees have been going up. > > I knew it would be a little pricy, but it seems absolutely insane that > we're paying nearly 10% of our revenue out to these companies. It's going > to cost us $500 to break the contract and I'm totally on board with doing > it, but is there a much better solution? > -- Visit this forum on the web at http://discuss.coworking.com --- You received this message because you are subscribed to the Google Groups "Coworking" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
